Learn How to Prepare the Federal Estate Tax Return, Form 706
This course addresses the preparation of IRS Form 706, the U.S. Federal Estate Tax Return. This form is a complicated return to prepare, running more than 25 pages with more than 15 schedules.
Returns for 2022 must take into account additional wrinkles and complexities that must be mastered based on the Tax Cuts and Jobs Act of 2017 as well as recent changes in tax law. Most critically for your practice, you should be prepared to properly explain portability and document those conversations and resultant client decisions to avoid potential future problems when clients choose not to file a Form 706. Filing a 706 may be necessary even with the higher exemption from tax on estates under recent tax legislation, and the threat of future reductions in the exemption amount.
The IRS has issued new proposed regulations that suggest that the anti-claw back rule of the 2019 Regulations may be limited.
Publication Date: December 2022
Designed For
This course is essential for CPAs, enrolled agents, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.
Topics Covered
- Is a federal estate tax return required?
- Estate taxes after the 2017 Tax Cuts and Jobs Act, impact on 2022 deaths and filing estate tax returns
- Due dates and extensions—forms to file
- Preparing Form 706 Asset Schedules A through I
- Use of the Alternate Valuation Date
- Preparing Form 706 Deduction Schedules J through U
- Preparing Form 706 Schedule R : Generation-Skipping Transfer Tax
- Completing the return
- Installment payment of tax election: Section 6166
Learning Objectives
- Recognize the basic concepts and issues of estate taxation
- Describe the practical implications of key estate tax changes and the impact on filing estate tax returns for 2022
- Describe the parts and schedules that make up the Form 706
- Identify how to determine estate tax liability
- Recognize the only action required to elect portability
- Recognize how to differentiate the different schedules and how they apply to client scenarios
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Steven G. Siegel
Steve Siegel is president of The Siegel Group, a Morristown, New Jersey-based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. He holds a B.S. from Georgetown University, a J.D. from Harvard Law School, and an LL.M. in Taxation from New York University.
Mr. Siegel is the author of several books, including the Grantor Trust Answer Book published by Wolters Kluwer, and is a nationally-recognized writer and speaker who has lectured extensively throughout the United States on tax, business and estate planning topics. Mr. Siegel has served as an adjunct professor of law at the University of Alabama Law School Graduate Tax Program and at Seton Hall and Rutgers University law schools.